Informatica shares plunge on lowered outlook

Informatica Corp. shares dove more than 28 percent in after hours trading on Thursday, hitting a 52-week low after the data integration company said second quarter earnings and revenue will miss expectations.

The Redwood City company (NASDAQ:INFA) said it now expects adjusted per-share earnings to be between 27 cents and 28 cents.

It projected revenue will be between $188 million and $190 million.

Informatica said in April that expected earnings to be between 35 cents and 37 cents a share on revenue of between $210 million and $220 million. A year ago it posted 23 cents per share in earnings on revenue of $192.7 million a year ago.

The company blamed the shortfall on failing to make needed adaptations to changing economic conditions, particularly in Europe.

Separately, Informatica said that it will buy up an additional $100 million in shares of its common stock.

The stock fell below $32 a share after closing the day at $43.37. It had traded in a 52-week range of between $62.42 a year ago and $34.15 in January.